176 million euro from Cohesion Policy for cheaper, cleaner and more reliable electricity for Cyclades islands

The benefits will be around 80 million per year, which will be reflected in consumer bills

July 06, 2018 21:30

Monika Dimitrova

Source:
Pixabay

The opening of the new power station on the Greek island of Mykonos marked an important step in the completion of the Cyclades' energy interconnection with the mainland. This follows the inauguration of the connection of the islands of Syros and Paros in March 2018 and the forthcoming connection of the islands of Naxos and Tinos. These interconnections, which are co-financed by the EU, will allow the islands to benefit from a more stable supply and energy that is more environmentally friendly.

The interconnection of the Cyclades Islands with the continental electricity grid has been co-financed by the EU since the 2007-2013 budgetary period. The EU's total contribution to the project is estimated at EUR 176 million. The benefits of this interconnection will be around EUR 80 million per year, which will be reflected in consumer bills.The islands will move from producing electricity using obsolete diesel generators to electricity obtained from natural gas, which is a more environmentally friendly source of energy. The project is ongoing and, once completed, 13 of the Cyclades will be connected to the continental network.